The following accounts and their balances appear in the ledger of Charleston Corp on Dec 31, the end of the current fiscal year. common stock, $25 par- $2,500,000 paid in capital in excess of par- common stock- 500,000 paid in capital in excess of par- preferred stock-375,000 paid in capital in excess of par- treasury stock-4,000 preferred $10 stock, $100 par- 750,000 retained earnings-1,000,000 treasury stock-common-50,000

Requirements:

1- Prepare the stockholders equity section of the balance sheet as of Dec 31, the end of the current year. 10,000 shares of preferred and 150,000 shares of common stock are authorized. 1,000 shares of common stock are held as treasury stock.

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179 Chapter 11 Name: PROBLEM 11-3 The following accounts and their balances appear in the ledger of Charleston Corporation on December 31, the end of the current fscal year. $2,500,000 Common Stock, $25 par 500,000 Paid-in Capital in Excess of Par Common Stock. 375,000 Paid-In Capital in Excess of Par-Preferred Stock 4,000 Paid-In Capital in Excess of Par-Treasury Stock 750,000 Preferred $10 Stock, $100 par 1,000,000 Retained Earnings 50,000 Treasury Stock-Common Instructions: Prepare the stockholders' equity section of the balance sheet as of December 31, the end of the current year. Ten thousand shares of preferred and 150,000 shares of stock are authorized. One thousand shares of common. common stock are held as treasury stock